Clontarf Energy PLC Placing to raise GBP500,000 (6843X)
May 06 2021 - 1:00AM
UK Regulatory
TIDMCLON
RNS Number : 6843X
Clontarf Energy PLC
06 May 2021
6(th) May 2021
Clontarf Energy plc
("Clontarf" or "the Company")
Placing to raise GBP500,000
The Directors of Clontarf (AIM: CLON) are pleased to announce
that the Company has raised GBP500,000 (before expenses) via the
placing of 153,846,153 ordinary shares (the "Placing Shares") with
new and existing investors at a price of 0.325p per Placing Share
(the "Placing"). The Placing Shares represent approximately 17.67%
of the Company's issued share capital as enlarged by the Placing.
Monecor (London) Ltd, trading as ETX Capital ("ETX Capital"), acted
as the Company's sole placing agent in respect of the Placing.
The net proceeds of the Placing will fund any costs associated
with the ongoing negotiations regarding the Company's Bolivian
lithium and Ghanaian assets and will also provide the Company with
additional working capital, as the Company's board continues to
assess new projects.
Bolivian salt pans contain at least 50% of the world's brine
lithium yet it has not been developed. The EU now estimates that
global demand by 2050 will be 60 times the current lithium supply.
The Board believes there is no economic way to supply this without
major Bolivian supplies.
The Placing shares will rank pari passu with the Company's
existing ordinary shares of 0.25p each (the "Ordinary Shares").
Application will be made for the Placing Shares to be admitted to
trading on AIM ("Admission") and it is expected that such Admission
will become effective on or around 12(th) May 2021.
Following the Admission of the Placing Shares, there will be a
total of 870,826,117 Ordinary Shares in issue with each share
carrying the right of one vote. The above figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Ends
For further information please visit http://clontarfenergy.com or contact:
Clontarf Energy
John Teeling, Chairman
David Horgan, Director +353 (0) 1 833 2833
Nominated & Financial Adviser
Strand Hanson Limited
Rory Murphy
Ritchie Balmer
Georgia Langoulant +44 (0) 20 7409 3494
Broker
Novum Securities Limited
Colin Rowbury +44 (0) 207 399 9400
Blytheweigh - PR
Megan Ray
Alice McLaren
Madeleine Gordon-Foxwell +44 (0) 207 138 3206
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
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END
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